Increase in Wireless Customers Lifts Verizon’s Revenue

By Reuters

July 22, 2014

Verizon Communications, the nation’s largest wireless telecommunications company, reported better-than-expected revenue on Tuesday after a jump in wireless customers and a surge in tablet sales. The increase in customers is good for Verizon, which has been reluctant to follow rivals like T-Mobile US in discounting aggressively. Its profit in the second quarter, though down, also topped Wall Street estimates. Net additions of wireless subscribers with contracts surged 53 percent, to 1.4 million, in the second quarter. That included a record 1.15 million in tablet sales. Verizon’s operating revenue rose 5.7 percent, to $31.48 billion. Net income fell to $4.3 billion, or $1.01 a share, in the quarter, from $5.2 billion, or 78 cents a share, a year earlier. Excluding one-time items, Verizon earned 91 cents a share in the latest quarter. Analysts had, on average, expected a profit of 90 cents a share on revenue of $31.12 billion, according to Thomson Reuters.

A version of this article appears in print on , on Page B2 of the New York edition with the headline: Increase in Wireless Customers Lifts Verizon’s Revenue. Order Reprints | Today’s Paper | Subscribe

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